News Room

Mumbai/Pune, 1st December 2025: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner of quality Grade A office portfolio located in 4 key office markets of India, today announced the acquisition of three prime CBD assets for c. INR 2,916 Cr from K Raheja Corp. The Board of the Manager to Mindspace Business Parks REIT has approved the acquisition and preferential issue of units aggregating up to c. INR 1,820 Cr, subject to unitholders and other regulatory approvals. The REIT announces acquisition of: a) Pramaan Properties Private Limited (“Pramaan”), which owns ~0.45 msf at Ascent – Worli (Mumbai), a premium newly completed commercial tower in Mumbai’s most prestigious Worli micro-market; and an Office Building spread across ~0.1msf located in the thriving Kalyani Nagar micro-market, Pune. b) Sundew Real Estate Private Limited (“Sundew RE”), which owns ~0.2 msf of premium office space at The Square Avenue 98 (BKC Annex), a strategically located Grade A office building in Mumbai’s financial epicentre, BKC & BKC Annexe. These acquisitions collectively represent ~0.8 million square feet of premium leasable area, valued at a Gross Asset Value (GAV) of ~INR 3,106 Cr[1] by independent valuers. The acquisition will be completed at a c. INR 2,916 Cr gross acquisition price, representing a c. 6.1% discount to the average of two independent valuations. Post-acquisition, the Mindspace REIT portfolio will expand to ~39 million square feet, and a strengthened presence across one of India’s most influential commercial corridors. On a proforma basis, the acquisition is expected to deliver: NOI growth of ~9% DPU accretion of ~1.7% Front-office portfolio value contribution rising to ~7.9% Sustained and stable income streams backed by marquee tenants These trophy assets enhance Mindspace REIT’s prime office portfolio, expand its footprint in key business districts, and support its long-term strategy of building a portfolio of resilient, income-generating assets in India’s most dynamic urban markets. They also offer embedded mark to market potential, strong rental momentum, and clear value-add opportunities across these Grade A+ properties. After this acquisition, the Gross Asset Value (GAV) of Mindspace REIT is set to increase from c. INR 41,020 Cr to c. INR 44,126 Cr. Speaking on the acquisition, Ramesh Nair, MD and CEO of Mindspace REIT, said, “Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD office districts. These are high-quality, institutional assets, with strong cash flows, and some of the biggest names of Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio. For us, it’s straightforward – invest in great locations, work with great tenants, and create durable value for our unitholders. This acquisition reflects our vision of loved workspaces, maximizing value, and reinforces Mindspace REIT’s position as a leader in India’s office real estate sector.” Transaction Highlights: Overview of Assets: Leasable area of c. 0.8 msf in aggregate. Gross Asset Value of ~INR 3,106 Cr as per independent valuations. Marquee tenants, including 2 of the biggest names on Wall Street. Committed Occupancy: Ascent – Worli – c.86% (Building completed in 2025); The Square Avenue 98 (BKC Annex) – 100%; Office Building (Pune) – 100% Portfolio Enhancement: Expands Mindspace REIT’s presence in prime front office CBD markets of Mumbai. WALE of c. 7 years, offering stable income along with growth potential. The Square Avenue 98 (BKC Annex) offers value add opportunity through Mark to Market potential and area enhancement Financial Highlights: Acquisition price of c. INR 2,916 Cr (Enterprise Value), a c. 6.1% discount to the average of two independent valuations. Purchase consideration of c. INR 1,820 Cr (for 100% Equity[2]). Addition of c. INR 226 Cr to FY26 NOI on a proforma[3] basis; implying a growth of c. 9%. Post-Acquisition Portfolio Metrics: Portfolio size to grow from c. 38.2 msf to c. 39 msf. Gross Asset Value (GAV) to increase from c. INR 41,020 Cr to c. INR 44,126 Cr Loan-to-Value (LTV) ratio to increase marginally from 24.2% to 24.7%, enough headroom available for growth. Over the years, Mindspace REIT has grown its portfolio through strategic acquisitions, including first sponsor acquisition of c. 1.82 msf Commerzone Raidurg, buying back third party units at Mindspace Madhapur; consolidation to full ownership at Commerzone Porur in Chennai; and selective expansions at Commerzone Yerwada in Pune, as well as its first third-party acquisition outside its portfolio parks – the c. 0.81 msf ‘The Square, 110 Financial District’ (formerly Q-City) in Hyderabad. The current transaction marks Mindspace REIT’s second Sponsor acquisition, further reinforcing its disciplined, value-accretive growth strategy and its commitment to delivering sustained value to unitholders. This transaction builds on the ~3.2 msf of acquisitions undertaken so far, marking another step in Mindspace REIT’s disciplined growth journey. [1] GAV is calculated as average of valuation undertaken by two independent valuers L. Anuradha and ANVI Technical Advisors India Pvt. Ltd. [2] 100% equity shareholding and interest in Pramaan and Sundew RE [3] Proforma NOI & NDCF for FY26 based on actuals for H1 FY26 & considering H2 FY26 same as H1FY26 for MREIT & estimates for FY27 for acquisition assets

Phinix Constructions presented Swar Sandhya on Sunday, 23rd November 2025, at Balshikshan Auditorium, Pune. Pune, 29 November 2025: Phinix Constructions’ musical event Swar Sandhya was held on 23rd November 2025 and received an overwhelming response from the audience. The three-hour musical evening featured a delightful blend of popular Marathi and Hindi songs, including devotional music, lavani, duets, and film melodies, creating a captivating atmosphere throughout. Company Director, Mr. Swanand Jawlekar, delivered a remarkable performance on the tabla and dholki, earning special applause from the audience. His energetic dholki segments were particularly appreciated. He was accompanied by Amit Kunte on tabla. The musical ensemble included Atharva Kelkar on octopad and rhythm machine, Sampada Deshpande and Amruta Jawlekar on harmonium, Adwait Kulkarni and Onkar Patankar on keyboard, who together provided a rich musical backdrop. Singers Rasika Joshi, Rajashree Tamhankar, Swara Jawlekar, Abhijeet Wadekar, and Lalit Deshpande presented every song with passion, preparation, and finesse, completely winning the hearts of the audience. The event was gracefully hosted by Veena Kelkar. Before the interval, Mr. Swanand Jawlekar introduced the audience to his four companies and shared the inspiring journey behind their success. Phinix Constructions is a reputed contracting company in Pune, successfully operating in the construction industry for over two decades. Realfacts Consultants, Vyankatesh Developers, and Chintamani Service Bureau—companies owned by the Jawlekar family—supported the event as co-organizers. Clients, friends, well-wishers, and music lovers extended their wholehearted support, making Swar Sandhya a truly memorable evening. Phinix Constructions and the co-organizing companies express heartfelt gratitude to all attendees, artists, and supporters. With its seamless blend of music, culture, and togetherness, Swar Sandhya has once again left an unforgettable mark on the hearts of its audience.

Pune, 27th November 2025: CBRE South Asia Pvt. Ltd., India’s leading real estate consulting firm, today released a whitepaper titled ‘Pune: Decoding the Deccan Dynamo’s Real Estate Ascent’, highlighting that the city’s office stock is likely to increase by around 49% from over 94 million sq. ft. (including PCMC) at the end of September 2025 to ~140 million sq. ft. by 2030, led by an influx of high-quality supply, surging institutional capital, transformative infrastructure, availability of skilled talent, and diversified occupier demand. As a result, Pune is likely to emerge as the third-fastest growing office market in India, behind Bengaluru and Hyderabad.​ Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said that the city’s upcoming development cycle is expected to be hallmarked by green-certified investment-grade assets with amenity-rich features. “Pune followed a conventional but noteworthy growth path, evolving from a manufacturing stronghold into a vibrant, multi-dimensional economic hub.​Today, it is undergoing a profound transformation with quality and sophistication of the real estate offerings at the forefront. Leading developers, including institution-backed players, are reshaping its skyline with premium high-quality assets.,” he said. According to the report, the tech sector has driven the city’s real estate landscape with Pune’s Information Technology (IT) office stock rising 50X in the last 25 years. The city’s office market demonstrated strong demand fundamentals prior to the pandemic, recording an average annual leasing of ~5.9 million sq. ft. between 2016 and 2019. While the market mirrored national trends with subdued activity during the 2020-2021 pandemic period, it has since staged a powerful resurgence, with the average annual demand surging to ~ 7.2 million sq. ft. during 2022 to 9M 2025, driven primarily by an influx of high-quality real estate offerings designed to meet the evolving preferences of modern occupiers. The report added that the developers have reciprocated the rising demand trends, with the average annual supply rising from ~3.6 million sq. ft. between 2016 and 2019, to ~6.5 million sq. ft between 2022 and 9M 2025. Notably, since 2015, the city’s real estate sector has garnered investment inflows worth USD ~4.4 billion. Moreover, the projects are getting bigger. The number of projects spanning more than 500,000 sq. ft. have doubled from 11 between 2016 and 2019 to 22 between 2022 and 9M 2025. Over 50% of occupiers preferred taking up space across assets with total leasable area more than 500,000 sq. ft. Ram Chandnani, Managing Director, Leasing, CBRE India, said, “Pune’s inherent strengths including its industrial legacy, rich talent pool, progressive policy environment, and increasing institutional investment are converging and positioning it as a premier office destination catering to an increasing number of Global Capability Centers (GCCs) across sectors. The post-pandemic shift towards high-quality workspaces has further accelerated this evolution.” The city is also witnessing high adoption of sustainability with a 52% share of green-certified stock in overall office stock. Apart from office real estate, Pune has also emerged as the third-biggest residential market, just after Delhi-NCR and Mumbai​. Since 2019, the city’s real estate sector has garnered investment inflows worth USD ~3.6 billion. Coupled with enhanced airport connectivity, an expanded metro network, and strategic ring road development, Pune’s office market is poised for pivotal expansion and a steeper growth trajectory in the years to come.

LaunchPad Makes a Powerful Debut Under the Visionary Leadership of Mr. Pankaj Ojha Pune, 26 November 2025 — Rajmudra successfully marked a significant milestone with the grand opening of its new office in Viman Nagar, Pune, while officially announcing its entry into the real estate sector through its new vertical, LaunchPad. The event, held in the presence of industry leaders, partners, and well-wishers, celebrated LaunchPad’s mission to redefine real estate under the visionary guidance of Mr. Pankaj Ojha, Founder & Managing Director. The inauguration showcased Rajmudra’s commitment to building purposeful real estate developments rooted in trust, transparency, and sustainability. In his address, Mr. Ojha emphasized the need for a more human-centric and responsible approach within the industry. “LaunchPad is built on a simple belief — Real estate must serve people with honesty and responsibility. We don’t create spaces for the sake of construction; we create meaningful developments that reflect trust, sustainability, and long-term value,” said Mr. Ojha during the event. LaunchPad’s strategic direction is anchored on four core pillars: Transparent redevelopment processes ensuring clarity and confidence for homeowners. Pocket-friendly maintenance structures designed to reduce long-term expenses while enhancing property value. Biophilic and natural landscaping to enrich health, harmony, and community wellbeing. Renewable-energy integration to promote greener, future-ready living environments. The newly unveiled office will function as the central hub for LaunchPad’s planning, design, and innovation initiatives. Designed with a warm, open layout enriched by nature-inspired elements, the workspace reflects the values Mr. Ojha champions — clarity, inclusivity, and sustainability. The event concluded with heartfelt appreciation from partners and attendees, acknowledging Rajmudra’s meaningful step into real estate and applauding Mr. Ojha’s forward-thinking leadership. Guided by the principle “Real estate, done the right way — by people who believe in trust,” LaunchPad is now set to shape developments that go beyond constructing buildings — creating communities with purpose, value, and long-term impact.

Pune, November 17, 2025 — The Professional Realtors of Pune Welfare Association (PROP), affiliated with NAR-India, announced its newly elected Governing Body for the 2025–27 term at a grand election event held at Residency Club, Pune. The event saw participation from 118 members, with elections conducted individually with active campaigning, reflecting a transparent and democratic process. PROP, now in its 8th year, continues to serve as a platform for collaboration, ethical representation, and professional growth for real estate consultants across Pune. Newly Elected Governing Committee (2025–27) President – Udayan Prabhakar Mane Secretary  – Manish Didmishe Treasurer – Murli Ramani Vice President – Builder Relations & Sponsorships Tanuj Nagrani Vice President – Technology & Communications Niraj Singh Director – Prop Growth Mahesh Yadav Director – Training & Mentorship Circles Dinesh Rathi Director – Business Exchange & Cross Sale Vikram Malik Director – Sports & Cultural Functions Sarang Madrewar Director – Digital / PR & Media Ravindra Yadav Director – Events, Engagement & Networking Mrs. Preet Kohli IPP (Immediate Past President) Darshan Chawla Chairman – Kishen Milaney Advisory Board – Mr. Khalid Memon President Udayan Mane’s Vision & Message Born in Satara and raised in a middle-class family, Udayan Mane brings over 18 years of real estate experience, having previously served as Secretary in PROP’s founding committee and worked with Kolte-Patil Developers before establishing his consulting business. In his address, he shared: “We are not here to seek positions, power or titles—our purpose is to support, create, and nurture business opportunities for every member. Recognition, dignity and unity are the true assets of our profession. If we work together with contribution and collaboration, we can take Pune real estate back to national and global prominence.” He also shared a major long-term vision: “I dream of hosting the NAR-India National Convention in Pune again, like the historic 2015 edition. This will put our city and our members back on the global real estate map. Let’s grow together and bring glory to PROP.” Message from Ravi Varma, Chairman, NAR-India “Pune has always been a strong force in India’s realtor ecosystem. The newly elected leadership represents professionalism, integrity, and a commitment to raising industry standards. NAR-India looks forward to supporting PROP’s initiatives in training, governance, and national integration.” — Ravi Varma, Chairman, NAR-India   New Initiatives Announced for Members The leadership outlined key programs to address common challenges faced by real estate professionals, including fragmented builder relations, lack of structured training, limited branding exposure, and outdated tech adoption. Key initiatives include: Builder Mandate Exchange Portal — unified access to verified mandates Lead Booster Program — digital campaigns generating verified buyers Smart CRM Access — subsidized automation & profiling tools Personal Branding Accelerator — content, templates & media visibility Mentorship & Masterclass Series — from onboarding to luxury advisory Policy Advocacy Cell — unified representation with regulatory bodies Referral Rewards & Growth Circles — encourage member expansion “This isn’t just an association—it’s a movement built on ethics, collaboration, and shared growth.” — Leadership Team Expected Impact on Pune Realty Ecosystem The new term is focused on: Stronger developer partnerships Transparent commission processes Upskilling & certification of consultants Cross-city industry collaboration Digital transformation for members These initiatives aim to position Pune as a national hub of organized, ethical real estate practices. Upcoming Announcements Member onboarding drives Industry workshops & certification events National-level networking initiatives Convention roadmap & partnerships Media Access Event photographs, videos, and official documents will be shared with members and press.  

Mumbai, 22nd November 2025: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has formulated Standard Operating Procedure (SOP) to improve recovery of compensation in a time bound manner for the homebuyers. The compensation is recovered from a developer on account of various defaults. A circular explaining the SOP has been released by MahaRERA, as per the directions of Honourable Bombay High Court. Hereafter, for the first time, the case of any developer failing to pay the compensation amount despite sufficient opportunities will be sent to the Principal Civil Court of the respective area for further action. Upon this action, the erring builder may have to face prison for a term of up to 3 months. This provision is expected to immensely help in recovering compensation and providing timely relief to the home buyers. Left with no amicable resolution with the developer, often, home buyers approach MahaRERA seeking relief on multiple issues ranging from failure to receive apartment’s possession as per the deadline, sub-standard construction quality, lack of parking, missing amenities, etc. Such complaints are heard by MahaRERA’s designated Adjudicating Officers, who in turn, on the merits of the case, order for compensation. This latest SOP announced is to ensure strict implementation of Honourable Bombay High Court’s orders and also to provide relief to the homebuyers. MahaRERA expects the homebuyers to be compensated within 60 days from the order’s date. As per the SOP, if the homebuyer is not compensated within 60 days, the individual will have to file an application on non-compliance for the recovery of the amount with interest or interest for delayed possession or compensation, as the case may be. MahaRERA shall hear the non-compliance application within 4 weeks from receipt of the same. If it is established prima facie that the developer has failed to comply with the order, reasonable time will be granted to adhere to the order. On the reasonable time period coming to an end, if the developer continues to err, s/he may be asked to submit an affidavit mentioning details of all movable as well as immovable assets, bank accounts and other investments. To ensure that the compensation is duly recovered, a Recovery Warrant will be sent to the District Collector concerned to initiate seizing or attaching the assets and bank accounts. If the developer fails to provide the details of immovable and movable properties, bank accounts and other investments, the case will be sent to the Principal Civil Court of that area for further action. As per the provisions of the Code of Civil Procedure, such defaulting developers may be imprisoned for up to 3 months.